Repayment Terms and Choosing the Right Loan

Gold loans typically offer flexible tenures ranging from a few months to a few years, with EMI amounts calculated on the pledged value. Failure to repay can lead to the auction of your jewellery. Personal loans provide structured repayment schedules, often up to five years, with fixed EMIs. Since no asset is at stake, the lender cannot seize property, but missing payments will damage your credit score. Compare the total interest payable, processing fees, and any foreclosure charges before making a decision.